That's enough time, as long as you don't have difficulty walking.
You will arrive in T4 and leave from T4, and both flights are within Schengen. So, you won't need to go through security, immigration, or customs. You will just get off your first flight and find your next gate, then get on the second flight.
The only possible catches:
1) T4 is huge, and as I said above, you may have a fair amount of walking to connect the gates. If you have a mobility impairment or are otherwise a slow walker, request assistance such as a wheelchair or motorized transport between your gates.
2) When I took that exact MAD to BIQ flight in 2017, the plane they used was so small that there wasn't sufficient room in the overhead compartments for regular carry ons. We were allowed to take on personal items, but everyone's carry on had to be gate checked. This wasn't an issue; they went around the waiting area tagging everyone's carry on, and before boarding we put our bags on a rack to be gate checked. (You board this plane directly on the tarmac; the rack was on the tarmac, just before the boarding stairs). Upon landing, our bags were offloaded right onto the tarmac, so we got them even before entering the terminal building.
Short version: if you have a standard size carryon that you would normally put over your head, be prepared to gate check it. So, keep anything you may need or want during the flight, as well as valuables, batteries, medicines, etc in a smaller personal item that you can take on board with you.
One other thing to be aware of: At least in spring 2017, France was still in an official state of emergency, and even coming from a Schengen country like Spain, all passports were inspected. They weren't stamped or scanned, as that had already happened on entry into the Schengen zone, but we did have show our passports upon entry into the Biarritz airport, and some had put theirs away and weren't ready. I don't know if this is still the situation, but if it is, have your passport handy upon landing.
